《大行報告》匯豐研究降長實集團(01113.HK)評級至「持有」 削目標價至49.6元
匯豐研究發表報告,指長實集團(01113.HK)上半年表現較差,基本溢利跌36%至84億元,但因早前已發盈警,故是市場意料之內。然而,其派息按年削35%,派息比率為15%,是21年來首次減派息,相信最令市場失望。
該行指,基於集團派息政策不確定性增加,以及業務復甦較預期較慢,因此將評級由「買入」降至「持有」,目標價由58.1元降至49.6元。
該行表示,公司旗下業務均不能避免地受新冠肺炎疫情帶來不同程度的影響,但其物業開發業務具韌性,經營利潤按年增長20%至90億元,主要得益於其在上海「高‧尚領域」(Upper West Shanghai)項目。該行續稱,公司6月底淨負債比率僅5.2%,維持穩健狀態,有助公司應對挑戰。該行指,集團過去數年其中主要增長之一是來自收購,但因未來宏觀經濟存隱憂,長實集團進行併購時的挑戰或會增加。
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